Feb 20, 2013 11:00am PST
including cost support options, call 1-888-xarelto or visit goxarelto.com. >>> the pentagon is warning today of drastic civilian cutbacks under the automatic budget cuts set for march 1st. our pentagon correspondent barbara starr is standing by with more on that story. what are they saying? >> well, you know, fredricka, we've been hearing for weeks about this fancy word around washington called sequester. what are we really talking about? layoffs at the pentagon, cutbacks in military spending, but it is the layoffs that are going to start if this budget cut problem is not solved, if congress cannot avert mandatory spending cuts. what the pentagon did is notify congress, are some 800,000 civilian workers are facing one day of furlough for the next 22 weeks. it is going to start hitting an awful lot of people right in the pocketbook. i want you to have a quick listen to one of the pentagon officials that explained some of the impact today. >> the effects of sequestration and the continuing resolution on our military personnel will be devastating. but on our civilians, it will be catastrophic.
Feb 20, 2013 6:00am PST
and it hurts them. >> we're getting word from the pentagon and they're putting out the threat of furloughs. leon panetta's still secretary of defense until they decide whether or not to confirm chuck hagel. charleston, military town, very much supported by the military. this could be where it stings, but what penalty do republicans -- you're a republican member of congress, what penalty is there to bay? >> apparently some of the big budget cutters who are republicans have started to quietly approach some of the cabinet secretaries. can you exempt my little project, my road rebuilding project from what's about to happen. and i think that's actually the leverage that is most effective for the president. look, the town halls and the tour, it's going to be important in those particular markets to put pressure on particular members of congress but in a million other districts that are going to be people who are going to start to see projects go by the wayside and these folks got an eye on the calendar. 2014 is not that far away and they don't want to explain about the project. >> where are gove
Feb 20, 2013 3:00am PST
the president for lost funding in federal programs and the pentagon over ten years, should the sequestration take place. house speaker john boehner said, quote, today the president advanced an argument republicans have been making for a year. his sequester is the wrong way to cut spending. senate majority leader mitch mcconnell insisted "more than three months after the november election, president obama still prefers campaign events to common sense, bipartisan action." and joining us now for more on this from washington, the former chief economist of the international monetary fund and bloomberg view columnist, simon johnson. he's the co-author of "white house burning: our national debt and why it matters to you," now out in paperback. simon, good to see you this morning. >> nice to be with you. >> simon, if you could help us through this over the next week or so, it doesn't look like there's a path to avoiding the sequestration if you listen to the two sides. so how damaging would this be? because we've heard a couple different versions of it that would have immediate impacts, more than 75